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Criimi Mae Sells Master Servicing.(Brief Article)(Statistical Data Included)
Criimi Mae Services, Criimi Mae's commercial mortgage servicing subsidiary, sold nine master and primary servicing contracts in February to an undisclosed buyer for $11.3 million in cash, including reimbursement for advances, Criimi Mae has reported.
The contracts sold are for the primary and master servicing of CMBS with a total unpaid principal balance of $2.1 billion.
The Criimi Mae servicing subsidiary expects to record a gain on the sale of approximately $4.3 million in the second quarter, and may receive up to an additional $900,000 from the sale in the third quarter.
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